Novatti goes live with blockchain provider Ripple in the Philippines, paves the way to Southeast Asia
Link copied to
The company’s partnership with Ripple is part of its broader strategy to develop a digital banking and payments ecosystem.
High-growth fintech Novatti (ASX:NOV) says that it’s now generating transaction revenues from its partnership with blockchain disruptor, Ripple, after a successful go-live.
The partnership with Ripple was first announced in December last year, providing Novatti’s customers access to RippleNet, Ripple’s global financial network of hundreds of partner financial institutions.
Ripple is a disruptor in the global financial industry, providing its partners with instant payments processing, and giving access to the blockchain asset, XRP, a top five crypto valued at more than USD$40 billion.
Novatti says that the initial focus of its Ripple partnership was to target cross-border transactions between Australia and Southeast Asia, particularly the Philippines.
This has already led to a new partnership with remittance service provider, iRemit, which is now expected to generate thousands of transactions a month, processed by Novatti through RippleNet.
Discussions are also underway to expand the services to other financial services clients in Southeast Asia.
Novatti CEO, Peter Cook, said the Ripple partnership is part of the company’s broader strategy to develop a digital banking and payments ecosystem, noting that the ecosystem already includes partnerships with leading fintech companies.
“In addition to Ripple, Novatti’s ecosystem now includes partnerships with world-leading payment and fintech companies including Visa, Apple Pay, Alipay, UnionPay International, Google Pay, Samsung Pay, Marqeta, and Decta,” he said.
Novatti has been making strides in its quest for international expansion.
In 2020, the company acquired subscriber-billing SaaS company Emersion for $1 million. The partnership gave Novatti instant access to Emersion’s blue chip partners, which includes Xero and Salesforce. The US launch of Emersion was completed last month.
In January this year, Visa awarded a licence to Novatti to issue its cards in New Zealand, after the company obtained regulatory approval from the NZ government in October.
It also recently helped launch two innovative platforms in Lifepay and LITT, a hybrid social media platform, hit the market with new fintech offerings.
“The early success of Novatti’s partnership with Ripple also highlights the benefits of our broader overseas expansion since the start of this year, with new licences obtained for the New Zealand market and Emersion now up and running in the US,” Cook said.
Cook also believes these partnerships will accelerate growth for the company on a global scale.
“As shown through Ripple, this expansion opens Novatti up to new revenue opportunities, and provides us with greater exposure to the global demand for digital payments that we expect to accelerate going forward.”
In the latest half, Novatti reported sales revenue of $7.35 million, up 49 per cent year-on-year.
The company’s share price has risen by 300 per cent over the past year.
This article was developed in collaboration with Novatti, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.